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Last Modified: 8/21/2018 Location: FL, PR, USVI Business: Part A, Part B

EFT FAQ

Q: If I already receive my Medicare payments electronically, do I have to submit a new electronic funds transfer (EFT) agreement (CMS-588) when I revalidate? What if I receive paper-based payments from Medicare (i.e., checks)?
A: All providers enrolling in Medicare must use electronic funds transfer (EFT) in order to receive payments. Moreover, any provider not currently on EFT that submits a revalidation application must also submit a Form CMS-588 and thereafter receive payments via EFT.
If you have submitted a new Electronic Funds Transfer (EFT) Authorization Form (CMS-588) after May, 2010 or September, 2013, then you have the most recent version of the EFT form on file and a new EFT form is not required. If you have not submitted the 05/10 or 09/13 versions of the EFT form, then you must submit one with your revalidation application.
If you are submitting a paper application, the most current version of the CMS-588 (09/13) external pdf file can be found on the Centers for Medicare & Medicaid Services (CMS) website.
If you are submitting your revalidation application online via internet-based PECOS, the system includes a section for EFT and the separate form, CMS-588, is not necessary.
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First Coast Service Options (First Coast) strives to ensure that the information available on our provider website is accurate, detailed, and current. Therefore, this is a dynamic site and its content changes daily. It is best to access the site to ensure you have the most current information rather than printing articles or forms that may become obsolete without notice.